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TC Res. No. 2001-06TOWN OF AVON RESOLUTION NO. 01-06 Series of 2001 A RESOLUTION APPROVING A REDUCED SECURITY DEPOSIT FOR PUBLIC IMPROVEMENTS TO BE INSTALLED AND CONSTRUCTED IN ACCORDANCE WITH SUBDIVISION IMPROVEMENTS AGREEMENT FOR AMENDED PLAT OF CHAPEL SQUARE SUBDIVISION WHEREAS, the Town of Avon and Chapel Square, LLC, a Colorado Limited Liability Company. entered into a SUBDIVISION IMPROVEMENTS AGREEMENT in connection with the approval of the Amended Plat of Chapel Square Subdivision; and WHEREAS, said Agreement established certain public and private improvements to be constructed in conjunction with said subdivision; and WHEREAS, said Agreement established requirements for the provision of security deposits to assure completion of the improvements and provide for warranty work in accordance with the Agreement and the subsequent partial release of the security deposits upon satisfactory completion of portions of the improvements in conformance with all standards, drawings and specifications as submitted to and previously approved by the Town; and WHEREAS, portions of the required work have been satisfactorily completed in accordance with the approved plans and specifications, as certified by a professional engineer. NOW, THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, that: 1. Portions of the improvements with an equivalent value of $ 187,679.00 have been satisfactorily completed in conformance with the approved plans and specifications as of January 4, 2001. 2. Effective February 28, 2001, the security deposit may be reduced to $ 215,000.00 which is equal to at least 110 percent of the cost of the remaining improvements to completed in conformance with the approved plans and specifications. CAWINDOWSUemporary Intemet Fi1es\0LK4322\Sec Dep Resol-1.Doc ADOPTED THIS 27 DAY OF February '2001. TOWN COUNCIL TOWN OF AVON, COLORADO J Yoder, a CAWINDOWS\Temporary Intemet Files\OLK4322\Sec Dep Resol-I.Doc Jaduary 4, 2001 Palmos Development Donald G. Schaper, Controller 2775 his Avenue Boulder, CO 80304 Re: Chapel Square Development [Chapel Place Roadway and Chapel Alley Dear Mr. Schaper: The following comments are in response to your letter of December 14, 2000 regarding our list of corrective work identified during a walk through of the Chapel Place and ' Chapel Alley improvements on Thursday, October 19, 2000. 1. The trash enclosure at northeasterly corner of Building D must be removed from Chapel Place right-of-way and the area, restored with landscaping appropriate for. the location. Response:. Work related to this item is complete. 2. Settlement damage to drainage structure and parking area at;southeasterly comer of City Market-parking lot that occurred prior to construction of satisfactory retaining wall must be repaired. Response: This item has not been completed but will be treated as a civil matter between private parties and is therefore deleted from the list of required corrections. 3. - Construct traffic control island at easterly side of entrdnoe to Chapel Place from driveway between City Market and Building D, per approved site plan. Response: Traffic island curb &.gutter has been-poured. -Remaining work includes backfill and landscaping of island. Estimated Cost: $ 3000 4. Reconstruct Chapel Place and undergroun&parking entrance to Building C to lines and grades as shown on approved site plans. If Building C entrance has been modified from that indicated on the approved site, (Subdivision) plan, please submit revised plans for review and approval prior to reconstruction Response: This work has not been completed and no verified cost estimate for Office Box 975 correcting this item has been provided. Town contribution for useable Chapel Post Pos Benchmark Road Place right-of-way $ 200,000. 400 4von, Colorado 81620 Estimated Cam: $150,000 970-748-4000 970-949-9139 Fax 270-845-7708 TTYI:T-&e-i°g\s"bdivisipn\F" At B Chapd &NazcUlun& Lid-2.Doc 1 5. Asphalt core sample reports indicate that asphalt gradation did not meet project specifications. This must be resolved prior to final acceptance of the improvements. Response: Satisfactory documentation has been submitted to resolve this issue. 6. . The fence between Chapel Square and The Village at Avon has been removed. This must be replaced or written authorization from The Village at Avon consenting to the removal .of this fence must be provided: Responses This. item has not been'corrected but copy of partially executed document indicating this work will be completed by April 30, 2001 was submitted with letter. Estimated Cost: $10,000 7.- The curb and gutter along Chapel Alley must. be backfilled to provide positive drainage and eliminate potential water ponding. Response: This item has not been corrected: Impractical to complete until snow has melted and ground has thawed. Estimated Cost: $ 2,000 8.. 'Provide written verification, signed and sealed by Registered Professional Engineer, that all drainage facilities. were-installed and constructed in conformance with the approved site plans and drainage report. Any variance from the approved plans and Drainage report should, be noted on as-built plans, signed and sealed by the engineer, and submitted with the verification. Response: As-Built Drawing and verification statement submitted by Inter- . Mountain Engineering, Ltd:, satisfactorily addresses this issue. 9. It was also noted during the walk through that two different, heights of streetscape lighting poles were installed along Chapel Place. Consideration should be given to replacing the taller poles to maintain consistency throughout the project and with the remainder ofthe Town Streetscape lighting. Response: Verbal _commerits were relayed regarding this issue, but we have been unable to locate any written correspondence related to this issue. Subsequently, this item will be deleted from the list.- We have been advised by the Department of Community. Development that no final Certificate of Occupancy has been issued for the first habitable structure as it relates to the, "Addendum to Agreement for Dedication and Maintenance of Public Roadway." Subsequently, the temus of the Agreement for release of the. final $50,000 portion of the $200,000 total payment to be made by the Town have not been complied with at this time. It is also my understanding that Chapel Square LLC will issue a $50,000 letter of credit to be held by the Town as a security deposit for completion of Benchmark Road Improvements c&&=ring\.%u a~=\B=aMWk M W\Chvel sqa-\P=& Inc-ID- 2 i Based on the above conditions we are prepared to recommend Town Council authorize a . reduction in security requirements as follows: Existing Letter or Credit $ 402,679.00 Incomplete or Unsatisfactory hems $ 165,000.00 Benchmark Road Improvements Deposit $ 50,000.00 Revised Letter of Credit Amount $ 215,000.00 , Reduction to Existing Letter of Credit $ 187,679.00 Release of the final $50,000 payment per the Addendum to Agreement for Dedication and Maintenance of Public Roadway will be recommended upon completion of all above items and issuance of the first. Final Certificate of Occupancy fora habitable structune.as . it relates to the, "Addendum to Agreement for Dedication and Maintenance of Public Roadway." If you have any questions' regarding any of the above, do not hesitate to contact me at 970-74&4109- Sincerely, Norman Wood, PE Town Engineer Cc: Bill Elting Burt Levin, Esq. Larry Brooks Mike Matzko I:\EngW=Wg\Subdivisi=\B=&mw& Al BC\CLVd S"weTwch List-Z Doc 3 Memo To: Honorable Mayor and Town Council Thru: Bill Efting, Town Manager From: Norm Wood, Town Engineer ate: February 21, 2001 Re: Chapel Square Subdivision Improvements Agreement Resolution No. 01-06, Series of 2001, Reducing Required Security Deposit summaly: Chapel Square has satisfactorily completed a significant portion of the public improvements identified in the Subdivision Improvements Agreement. The satisfactory completion of these portions has been adequately documented by field inspections and the submittal of As-Built Plans and Certifications by registered professional engineers as stipulated in the Subdivision Improvements Agreement. The remaining and unsatisfactory work is identified in the attached letter of January 4, 2001, to Palmos Development. This letter finther indicates that a recommendation will be made to reduce the required letter of credit by $ 187,679.00, from $ 402,679.00 to $ 215,000.00. Approval of attached Resolution No. 01-06, Series of 2001 is recommended to allow this corresponding reduction. Recommendations: Approve Resolution No. 01-06, Series of 2001, a Resolution Approving a Reduced Security Deposit for Public Improvements to be Installed and Constructed in Accordance with Subdivision Improvements Agreement for Amended Plat Chapel Square Subdivision. Proposed Motion: I move to approve Resolution No. 01-06, Series of 2001, A Resolution Approving a Reduced Security Deposit for Public Improvements to be Installed and Constructed in Accordance with Subdivision Improvements Agreement for Amended Plat of Chapel Square Subdivision. Town Manager Comments: CAVANDOWSUempormy Intemet Files\OLK4322\Sec Dep Memo-I.Doc